The move allows 'potential aggressor to agitate for change given sufficient capital and/or support from other investors,' notes Macquarie Capital analyst Darren Leung.
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Investors also seemed to give the news a positive reception, with Class B voting share ending up 3.8 percent on Wednesday, with Class A non-voting shares closing 4.1 percent higher.The Hollywood ReporterHan adds: “The termination of the stockholder rights agreement would have been more meaningful when the stock price was below $10 early last year, versus the current buoyant levels.”
Plus, smaller investors and their voices could get a boost from the moves. “In essence, the cap to minority shareholders is removed [15 percent] and should allow greater equity participation on the register,” Leung says. “The change to share structure is important as it allows a potential aggressor to agitate for change given sufficient capital and/or support from other investors.”
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